Bank of America Corp DE Buys 63,304 Shares of Tsakos Energy Navigation Ltd $TEN

Key Points

• Bank of America increased its Tsakos Energy Navigation stake by 214.4%, purchasing 63,304 shares to own 92,833 shares worth approximately $3.66 million, or 0.31% of the company.
• Other institutional investors also expanded their positions, including Walleye Capital, Arrowstreet Capital and Sagil Capital; hedge funds and institutions collectively own 19.24% of TEN.
• Analysts maintain a consensus “Hold” rating with a $29.50 price target, while TEN recently paid a $1.00 dividend. Director Clio Hatzimichalis separately sold 5,000 shares at an average price of $41.07.

Bank of America Corp DE boosted its stake in Tsakos Energy Navigation Ltd (NYSE:TEN - Free Report) by 214.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 92,833 shares of the company's stock after buying an additional 63,304 shares during the quarter. Bank of America Corp DE owned approximately 0.31% of Tsakos Energy Navigation worth $3,663,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Sagil Capital LLP boosted its position in Tsakos Energy Navigation by 13.7% in the fourth quarter. Sagil Capital LLP now owns 861,366 shares of the company's stock worth $19,312,000 after purchasing an additional 103,801 shares during the last quarter. Walleye Capital LLC increased its position in shares of Tsakos Energy Navigation by 654.1% during the 1st quarter. Walleye Capital LLC now owns 286,314 shares of the company's stock valued at $11,298,000 after purchasing an additional 248,345 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Tsakos Energy Navigation by 22.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 813,845 shares of the company's stock worth $32,114,000 after purchasing an additional 151,195 shares during the period. Marnell Management LLC purchased a new position in Tsakos Energy Navigation in the fourth quarter valued at about $762,000. Finally, Cooper Creek Partners Management LLC bought a new stake in shares of Tsakos Energy Navigation in the 1st quarter worth approximately $15,688,000. 19.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a "hold (c)" rating on shares of Tsakos Energy Navigation in a report on Monday, July 6th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $29.50.

Tsakos Energy Navigation Stock Performance

NYSE TEN opened at $42.52 on Friday. Tsakos Energy Navigation Ltd has a 1 year low of $20.50 and a 1 year high of $45.85. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.95 and a quick ratio of 0.92. The stock has a market capitalization of $1.28 billion, a PE ratio of 6.93 and a beta of -0.28. The company's 50 day simple moving average is $39.46 and its two-hundred day simple moving average is $38.25.

Tsakos Energy Navigation Announces Dividend

The business also recently announced a dividend, which was paid on Thursday, July 30th. Investors of record on Thursday, July 23rd were paid a $1.00 dividend. This represents a yield of 507.0%. The ex-dividend date of this dividend was Thursday, July 23rd. Tsakos Energy Navigation's dividend payout ratio (DPR) is currently 32.57%.

Insider Transactions at Tsakos Energy Navigation

In other Tsakos Energy Navigation news, Director Clio Hatzimichalis sold 5,000 shares of Tsakos Energy Navigation stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $41.07, for a total transaction of $205,350.00. Following the completion of the sale, the director directly owned 5,000 shares in the company, valued at $205,350. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.41% of the stock is currently owned by insiders.

About Tsakos Energy Navigation

Tsakos Energy Navigation Ltd. NYSE: TEN is an international shipping company specializing in the transportation of crude oil and refined petroleum products. Founded in 1993 by Nikolas P. Tsakos, the company has built a reputation for operating a modern, well-maintained fleet of double-hull tankers. Tsakos Energy Navigation is organized around both ownership and technical management of vessels, offering chartering, commercial operations and crew services under one umbrella.

The company’s fleet consists primarily of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium-range (MR) and Handy product carriers.

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